ITG buys remaining share capital of TCI for £3.3m

ITG has bought the remaining 80 per cent of the issued share capital of Telephone Company of Ireland (TCI) for a total consideration of £3.3 million. The deal will bring the number of ITG's Irish payphones to over 1,500. ITG became a 20 per cent stakeholder in the Galway-based company, which has over 600 payphone sites in private locations, when it acquired the British company, Telecentral, in June for up to £10 million sterling.

The £3.3 million price tag for TCI includes a £1 million loan due to Telecentral. Mr Michael Maye, of Ballyfoyle, Galway, who was general manager of TCI, and members of his family have been paid the balance in the form of shares and cash. Mr Maye will now work as an ITG employee.